Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-06-15

The Fate OF Many FIRMS Depending Sss
kershnW's Ability to Meet the DE.
mands for Margius-Phii Armour's
Encouraging View OF the Situation.

opinion was that everything hinged upon ker-
shawS ability 20 meet the demands Tor margins
ana that unless he did 80 his failure would carry
down from thirty 10 nifty houses. There were
some Few who thought that II Armour Hutchin-
son and two or Jhre of the other "big ones" come
forward this morning and help sustain the market
that a verftable panic could be averted. hut even
they Claimed that great deal depended on Mt.
kerShaw.
FORTUNES LOST AND WON
what fortunes were lost and won during the
day no one can accurately estimate IL IL estt-
mated that not less than lo0 oO0ooO bushels
average loss or gain of to cents a bushei~
S0ooooo TO SS,ooo,0oo. There was "A loss OF over
$1,000 siso1 IN , Sasn wheat 'alone, besides tne
early In the day ana bought at the close is
credited with clearing s25O,ooo on the days
operations The crowd OF big bear scalpcrs made
not less than sl,ooo,ooo altogether during the
day.
10 a reporter: ''fhe effect NJ the break viii be 10
ciear the atmosphere. 50 that commerce can go on
I'm Its accustomed grooves. The tendency Is To
eQualiZe this with the other markets OF the world
and put stocks In their legitimate channels. The
actual result. course, is rather serious one bur
hope-in fact, have no reason TO apprehend any
thing further"
A LESSON TO THE CoRSEgERs.
prominent broker said: 1.-The market Is now
back in It's normal condition. and not subject 20
abnormal influence l don't think We VIII have
any more Cliques for a while yet, as the one Just
collapsed has bitten on more than IL could chew.
and the lesson won't be forgotten soon The
matter, OF course, l. serious one but IL VIII soon
be all tight again. The deal was undoubtedly the
more wheat bought than ever before. 1 do not
apprehend any serious break from present prices,
as the market is now down 10 level With other
markets.
ARNoURs noPHFCr. VIEW.
Mt. =. ID. Armour, when asked what effect the
panic would have on financial Iairs, said: None
whatever. In week FROM now you won't know
that there was 4 wheat deal. a coffee deal,
either. The atmosphere Mili be all cleared mp In
less than a week from now. An the losses were
up 10 nearly its yaiue IL not quite, ana the banks
were all amply secured. | don't look upon this
break as any great calamity at ALL Whatever
wheat there Is Is wanted for export, and IL Will
bring as good prices r not better than before the
break. Wheat Al "a cents a bushel l. better than
gold dollars at 80 cents. You see. people abruad
want the stun, and they are going 10 have IL. II
| is good thing that this break came when II did
Most everybody expected IL. and a. soon as tho
| furry Is over 1 believe that IL VIII make money
easier"
kershaH Will Probably Pull Through.
| An extra edition OF an evening paper says: The
| Indications now are that kershaw a co. Will
pull through. and that dozens Of big failures that
were Imminent Will BE- ayerted. doe Wiltshire, or
Cincinnati, the head ana front of the wheat
clique, with number Ga friends. IL In town with
| a pot OF money 10 back up kershaw. II Is said
that the Cincinnati crowd viii insist, before put
ting ur, that kershaws trades be reinstated. This
Egglea;on, kershaws 5 partner, is able TODD himself
1 il he chooses.
kershaw said, Just before the opening OF the
board this morning: al Will pay my differences
| to-day and margins 10 the market Wiltshire
said: "kerShaw has the money, and Will 40
| through to-day all right
CHICAGO. June IL, IL a m.-The announcement
In regard 10 kerSbaw a Go. seems 10 have been
well founded, and that firm is apparently meeting
| all claims kumor puts the amount of money at
their command at SI,o0o,0oo.
THE BEARS HaMMERING AWAY.
The bears are steadily pounding the market,
however, and the prices since Id O'Clock have de-
clined. At 1916 July wheat WAS 75c.. from there
II dropped 10 a.. then down to s4L, then TO
1875, then up an eighth to "a. and at 1850 10
| 13L- The June option has also declined, selling
at .4k at l0:13 a n and nj s:i at 1850 a. IN.
| There was an enormous crowd on the four ana
In the galleries OF the board of trade long befor.
the opening hour this morning. When the bell
sounded at $50 Il roar went up and the days ses-
! sion began. The first sales OF wheat were at
| 15Iec. for June aud s6c. for July, which was an
\ advance or &c. and &C. respectively.
| FOUR SMALL FIRMS SUSPEND.
Soon after the opening President Wright an
nounced the suspen sion OF three small firms VIZ:
J. ii. Youst Co., b. j. McCleary. and s. &. orr
excitement, as they were ia no way Identified with
the clique. AT 10 O'Clock the price was IKE for
June and 75,sc. for July. The suspension OF Kick
! ering Co., another small firm, was announced
/ shortly after 10 90 O'Clock.
Much Excitement i'm -. L0ufs.
ST LOUIS, No., June 15.-There Was a great deal
| morning, but there was very little trading, the
| crowd anXiously awaiting reports from Chicago,
and closely watching the blackboard. ON ad-
\ vices that money had been put up at Chicago the
market advanced l cent at the opening. but grad
ually dropped q cent. The crowd is bearish and
are stn selling wheat, though there is some cover
ing by shorts" The market opened for July at
76ls cents; August, 76. cents; september, S7X
cents.
New York Follows Chicago.
/ NEW YORK, June H. IL a m.-1here Il nothing
! special in the wheat market up TO this hour.
Prices have been little Irregular but there Is ab-
| sence or new features. The FIRST sales showed q
| gain OF 70, but q realizing movement set In,
leading TO break or 4 To =. The speculative
dealings are nore moderate, ana mainly of q
| scalping nature.
Complete Stagnasion at Milwaukee,.
+: MILwAukEE, June IL, 1o:l1 a. m.-Conplete
1 There is no excitement whatever. Traders are
waiting for news from Chicago concerning the In
| tentions OF C.. }. kershaw a CO. July wheat
opened at an advance OF cent over last nights
closing, but the report of three additional failures
at chicago knocked IL down .c., and IL rules
| weak al ~. Nc failures have been reported
here thus far.
Wall street Not Much Affected.
STOCKS OPEN ACTIVE AND srRoSG, But LATER Be-
CONE QUIET AND 90 OFF A LITTLE.
NEW YORK, June II, IL a. m.-The stock market
opened active and strong at advances over last
| evenings fina figures OF from = 10 Z. per cent,
| the latter in New England and Northern Pacific
tion however. and the market became quiet, and
although further slight advances were recorded
hs,tsr bs 1n nI,neaS, e Ia I an 70 sa
and the best figures were then reached. The
most conspicuously active stocks were Erie, Read
ing, and Texas Pacific, with a moderate business
| In the remainder of the list. AT IL O'Clock the
market is quiet but frm.
AN OPERATOR GOES UNDER
NEW YORK, June 15-Chas. Hewrokin, Chicago
operator, who joined the New York stock exchange
on JAM 16 1856, notified that exchange this morn.
ing that he was unable TO meet his contracts
COFFEE GROWING STRONGER.
The Market Regafns ITS Natural Tone.
NEW YORK, June l5-The coffee market has as
sumed natural tone and there Was no ex xcltement
In the trading al the opening. When the gavel
fell for the first call some hesitation shown by
buyers and the early transactions a little be-
low last nights closing prices, but In a few min
utes the hesitation disappeared, and the bidding
became bolder, and prices advanced about ten
points.
NOT CONCERNED ABOUT MOlONEY.
Neither Side i'm the sharp Trial Much
interested i'm Billy's MOyeMemts.
NEW YORK, June 15.-The jury and the counsel
were tardy I'm their arrival at the Sharp trial TO-
day. The stories telegraphed from Lachine and
Montreal, TO the effect that aRillHr Mnlonex the